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adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct? >> first, thanks for having me. what i worked on was initial statutory language, which was a page and a half long. adam: and now it is 900 pages. explain to me, somebody who is not a lawyer, what this means for the average guy on the street. and m i protected as a u.s. taxpayer from what had been a concern of mr. volcker from banks gamble and with money because they could be bailed out by us? >> first of all all banks engage in taking risks. so you will never eliminate risk from the system. the idea there will never be too big to fail
adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct?...
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just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009 bailout. this stock up about 93% over the last two years. there you go. and speaking of a historic first, will the newly-approved volcker rule hurt the large banks, or will it propel them forward? let's go to nicole petallides on the floor of the new york stock exchange to see how financials are reacting. we knew that the rule was coming. banks expecting it, but still, the question now is now what for these big names. >> reporter: now what. that's absolutely right. and we're seeing dow component today goldman sachs, for example, hitting a new 52-we
just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009...
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do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart, my very simper, one sentence, you're more than welcome to use that if there is a third revision of this rule. you don't have to say the asman rule, you can call it the chilton rule if you like. we want simplicity in our law making process. that is the bottom line. got to leave it at that. wonderful to see you. come back to see us soon. >> appreciate it. david: dave. david: bart chilton, cftc commissioner who today voted in favor of the volcker rule. cheryl, over to you. cheryl: david, business travel is actually booming. coming up in a first on fox busine
do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart,...
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today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the leader of cuba lead to something bigger in economic relations between the two countries? we will talk about that and more as we get going on markets now. ♪ good to have you with us on markets now and we have a lot coming up. we have big issues in a few minutes, we start with stocks and the markets pulling back a little bit from record highs that were set yesterday hanging above 16,000 on the dow. nicole petallides on the floor of the stock exchange. nicole: the dow jones industrials pulling back, 16,008 holding at 16,000 mark to the s&p holding 18 under market, a record close for the s&p 500, down two
today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the...
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Dec 31, 2013
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wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor of economics. we have been debating this going on three years now, coming out and filing a lawsuit, they are not giving up. do you wonder if the volcker rule will be diminished piece by piece by piece? >> i don't think so. this particular thing they are suing over is not really at the center of the volcker rule. the center is proprietary trading. this isn't even on the outskirts of the volcker rule, it is on the outskirts of the outskirts. it is about this hybrid sort of hybrid security that some banks issued, it is capital for regulatory purposes. cheryl
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor...
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david: we have breaking news concerning the volcker rule. a lot of what is in the volcker rule is coming out. we have a preview. forgive me looking at my computer. the volcker rule will bar compensation arrangements that reward proprietary trading. a lot of question as to what that is. also for rin banks who have operations in the united states will be affected. there have been some question about banks like hsbc for example. it will affect their operations in the united states and that could lead to a lot of changes in terms of what kind of operations they have here. also the rule requires ongoing review of hedges to insure compliance of the a lot of details are beginning to come out now what the volcker rule is. of course there still remain a lot of questions about things like proprietary trading and what is, and what is not. we'll wait and see tomorrow once we go through the details as to whether they are addressed. just about two weeks from christmas and decking of the halls has already begun. how much are you willing to pay for a christ
david: we have breaking news concerning the volcker rule. a lot of what is in the volcker rule is coming out. we have a preview. forgive me looking at my computer. the volcker rule will bar compensation arrangements that reward proprietary trading. a lot of question as to what that is. also for rin banks who have operations in the united states will be affected. there have been some question about banks like hsbc for example. it will affect their operations in the united states and that could...
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lori: and, of course, five agencies approved the volcker rule this week. how will jpmorgan fare under that, and really the banking industry in and of itself. i suppose this is the best place to bring in your new book called "guardians of prosperity." how will the volcker rule affect the profit centers of these major institutions? >> well, i think it depends how rigorously the fed or other agencies want to pursue the volcker rule. if they choose to take very narrow definitions of what is, you know, market-making activities, narrow definitions of how the balance sheet will be used to invest and most importantly narrow definitions of hedging, then basically if they do that, they can hurt the banks quite a bit. but there's no indication that they want to do that. so the net effect is i don't think the volcker rule is going to be terribly harmful to the industry, and i think that you really start to have to -- you really have to start thinking about how does it affect the people who do business the banks. in other words, how does it affect the price of bread? i
lori: and, of course, five agencies approved the volcker rule this week. how will jpmorgan fare under that, and really the banking industry in and of itself. i suppose this is the best place to bring in your new book called "guardians of prosperity." how will the volcker rule affect the profit centers of these major institutions? >> well, i think it depends how rigorously the fed or other agencies want to pursue the volcker rule. if they choose to take very narrow definitions of...
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and have to regain that. >> the volcker rule said that. >> and worried that the volcker rule to play games around, and storm trust. >> in part of the business, catching lightning in a bottle, thank you served joining us. >> the country with the control of the exchange by volume has banned financial institutions from trading in them. it was prohibiting the use of the financial sector. it was knocked back by any government of central banks on the news that the dollar skyrocketed. 100% in the past two months. >> bond yields rising again on the back of the economic data. the yield on a ten year treasury inviolable in three month, better than expected gdp jobless claims leading some to think the federal reserve could start winding down of program, a key factor in the decision for the jobs report, the last before the fed next meeting and ben bernanke's last recovery. cheryl: he hands over the baton to janet yellen. this is happening today. fast-food workers across the country going on wyatt, 15 our -- $15 an hour wage. a live report coming up. adam: 9-5, 24/7, co-founder traded in a corpor
and have to regain that. >> the volcker rule said that. >> and worried that the volcker rule to play games around, and storm trust. >> in part of the business, catching lightning in a bottle, thank you served joining us. >> the country with the control of the exchange by volume has banned financial institutions from trading in them. it was prohibiting the use of the financial sector. it was knocked back by any government of central banks on the news that the dollar...
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>> the volcker rule is meant to ban or stop proprietary trading. most listeners know trading by banks for their own profit, most of the big banks and others got out of that because it was not necessarily risky and they were anticipating the volcker rule coming and the volcker rule can out yesterday does allow for significant exceptions for market making, appropriate hedging and effective date is delayed to 2015. a lot of details to be worked out but compared to what it could have been it looks like this is a more constructive rule than the version that came out a couple years ago. lori: are any participants worried about their profitability being sliced? >> many of our companies had already vacated the proprietary trading space and there are trade-offs involved. if you have less trade off there will be less demand in the marketplace, that the economic effect, the cost of compliance will be shifted somewhere. international competitors don't have this rule so it could put american institutions that competitive disadvantage globally. all that being sa
>> the volcker rule is meant to ban or stop proprietary trading. most listeners know trading by banks for their own profit, most of the big banks and others got out of that because it was not necessarily risky and they were anticipating the volcker rule coming and the volcker rule can out yesterday does allow for significant exceptions for market making, appropriate hedging and effective date is delayed to 2015. a lot of details to be worked out but compared to what it could have been it...
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but the volcker rule will stop the banks from having a troublesome duplexes a that that for themselves in the customers sometimes they cross we know what happens then the basics will live in the customers will lose and it will slow down the excessive speculation the we have seemed. of course, we have to be concerned about liquidity in speculation but not the excess that can do things push oil prices around. lou: ao consummate interest in italy seems that your own and achieves priority. great to have you with us you have announced your resignation but we wish you the best as we wait to hear the next chapter. merry christmas. lou: and our panel of talk show host will join us and you concede that tension rising. stay with us. >> fracturing -- factious in every and any but the fact that circle will have on the that circle will have on the nuclear deal. every day we're working to be an even better company - and to keep our commitments. and we've made a big commitment to america. bp supports nearly 250,000 jobs here. through all of our energy operations, we invest more in the u.s. than any o
but the volcker rule will stop the banks from having a troublesome duplexes a that that for themselves in the customers sometimes they cross we know what happens then the basics will live in the customers will lose and it will slow down the excessive speculation the we have seemed. of course, we have to be concerned about liquidity in speculation but not the excess that can do things push oil prices around. lou: ao consummate interest in italy seems that your own and achieves priority. great to...
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dennis: let's move on to the volcker rule. a couple of things raising concerns. the volcker rule can stop banks because they're so interested interested in stopping them for their own accounts even though they did not cause the meltdown. unable to hedge other risks that the client takes. >> you go back to the beginning of this whole issue of trying to move volcker along was a solution in search of a problem, right? when you ask the people asked the secretary what are the rules going to be like this we coming out right now, what was his one-word answer? it is going to be tough. he did not say they would be fair or judge, that they would be appropriate, did not say they would address the problem or solve a problem and did not say they would not cause other problems like you are suggesting, they are simply going to be tough. dennis: is the volcker rule meme famed imac and a fixing problems that went wrong or smacking and punishing? >> that is the second portion of the statement, he is actually trying to implement the president's vision. we know the president's visio
dennis: let's move on to the volcker rule. a couple of things raising concerns. the volcker rule can stop banks because they're so interested interested in stopping them for their own accounts even though they did not cause the meltdown. unable to hedge other risks that the client takes. >> you go back to the beginning of this whole issue of trying to move volcker along was a solution in search of a problem, right? when you ask the people asked the secretary what are the rules going to be...
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as we know, the volcker rule prevents proprietary trading. i just saw a headline come by -- liz: yes. the sec has confirmed that the volcker rule originally scheduled december 18th event, but everyone else is voting on the 10th or the 11th, apparently, and they've pulled the 8th. not given an -- 18th. not begin an indication from the chairman's office. >> every bank cares about how this is going to look. the stories don't say how it's going to look because banks, this is designed to get rid of proprietary trading, banks taking risk with their own capital. if you read the interpretation that has been out there, you can't make markets. and if you can't make markets, then goldman sachs will cease to exist. that's why they're worried. and depending on how they can make those markets, goldman sachs is in a lot of trouble. now, here's the difference, jpmorgan doesn't have to take the risk that goldman sachs. liz: goldman has investment banking business, they've got a myriad of business, charlie. >> i know. and can that's a good point. but m m&a is
as we know, the volcker rule prevents proprietary trading. i just saw a headline come by -- liz: yes. the sec has confirmed that the volcker rule originally scheduled december 18th event, but everyone else is voting on the 10th or the 11th, apparently, and they've pulled the 8th. not given an -- 18th. not begin an indication from the chairman's office. >> every bank cares about how this is going to look. the stories don't say how it's going to look because banks, this is designed to get...
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i'm willing to bet money nobody understands the volcker plan real well or volcker rule. with all that working against it why are you in fair of the financial industry, ron? >> the fed said they will be data dependent. the only time they will take the quantitative easing off the table when they feel we can handle it. it ilks time to be big boys and girls to stand on our own. we think the global economy can handle it. there will be a pullback. everybody has to lose some day for a little bit of time. five to seven to 10% pullback. so much cash is at sidelines f it has to come down because people worried about the fed tapering only because the fed thinks the economy is stronger. david: ron, specifically on the financials, stay on financials for a second, we can even more specific on that. because you like jpmorgan which is getting left ways and sideways and right ways by all kinds of folks including the sec, the treasury department. why would you go for financials, particularly jpmorgan despite all the regulars against it right now? -- regs. >> which checked. i was on 26th o
i'm willing to bet money nobody understands the volcker plan real well or volcker rule. with all that working against it why are you in fair of the financial industry, ron? >> the fed said they will be data dependent. the only time they will take the quantitative easing off the table when they feel we can handle it. it ilks time to be big boys and girls to stand on our own. we think the global economy can handle it. there will be a pullback. everybody has to lose some day for a little bit...
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will the volcker rule actually do more harm than good? let's take it to our panel, charles payne, liz macdonald along with matt welsh, cohost of the fox business show that that debut t tonight at 9 p.m. eastern time. everybody is here. all right, matt, first to you. good to have bad, what do you say? >> bad. look, if you want to get rid of the problems that led to the great crash of 2008, get rid of the government guarantees that allowed people to make those risky bets knowing they would get bailed out either by fannie or freddie or by the government in terms of not allowing companies to fail. if you want companies to fail, let them fail -- dennis: cheryl, i think the most disturbing thing was your opening line saying that five different agencies today have to all agree on how to interpret and set this rule. anytime five bureaucracies in the federal government is have to do anything together, we're in trouble. cheryl: charles? >> it's one of those things where wall street works my bull disclosure. if goldman sachs has a position and they'
will the volcker rule actually do more harm than good? let's take it to our panel, charles payne, liz macdonald along with matt welsh, cohost of the fox business show that that debut t tonight at 9 p.m. eastern time. everybody is here. all right, matt, first to you. good to have bad, what do you say? >> bad. look, if you want to get rid of the problems that led to the great crash of 2008, get rid of the government guarantees that allowed people to make those risky bets knowing they would...
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obviously the volcker rule is about to be voted on by some of these, the five organizations the court preparatory boards, et cetera. look at how it affects big financial institutions and you bring and of course the global standard of regulations. it seems like banks will have a tougher time making money, do you agree? >> let me start off by saying the regulatory issues are above my pay grade. these things are pretty complicated. the regulatory issues are above my pay grade, i think all of the banks have been well-positioned, dispelling what they're doing right now and i think if you look at the various banking institutions, to understand the regulatory environment, and they are all operating and very close coordination one would presume. i concentrate on our clients. liz: back when they were running it, you did not pass the stress test. flying colors, straight a's with a lot of realms recently, seems to be a very high quality leader, you guys are huge. millions of client accounts, you land in moscow and citibank branch. it must be great to be part of a company succeeding in shareholde
obviously the volcker rule is about to be voted on by some of these, the five organizations the court preparatory boards, et cetera. look at how it affects big financial institutions and you bring and of course the global standard of regulations. it seems like banks will have a tougher time making money, do you agree? >> let me start off by saying the regulatory issues are above my pay grade. these things are pretty complicated. the regulatory issues are above my pay grade, i think all of...
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stuart: just happening now, the sec has voted unanimously to impose the volcker rule. fdic has voted unanimously to put in place the volcker rule which would have placed severe restrictions on trading by investment banks and the big banks. by the way, goldman sachs at a new high today in part on that news. starbucks and nicole. the stock is down big, but can you tell me why? nicole: i was reading a note from my analyst looks into starbucks and the like, sales are slow, they have had two great quarters, but that's now sales momentum may slow and with that the stoc stock dropped. i am a big fan, gol gold card hr from 2008. i was one of the first ones to actually get that. and you have to earn it, you don't just to get it. stuart: thank you. charles is here to make us money. nicole: hardware stuff, transmissions, the microwave, radio frequency microwave. i don't want to sound too crazy, just picture a word that is simple. one of these companies yesterday up in their buyback, the street like that, a string of earnings, almost beat every single time and just one of these pe
stuart: just happening now, the sec has voted unanimously to impose the volcker rule. fdic has voted unanimously to put in place the volcker rule which would have placed severe restrictions on trading by investment banks and the big banks. by the way, goldman sachs at a new high today in part on that news. starbucks and nicole. the stock is down big, but can you tell me why? nicole: i was reading a note from my analyst looks into starbucks and the like, sales are slow, they have had two great...
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the first legal challenge to the volcker rule has emerged. the american bankers association filed for immediate stay on the volcker rule provision. rules provisions will cause substantial harm to community banks. so now the lawyers have got it. liz? liz: david, talk about volatility, in december alone the price of a single bitcoin, virtual currency, has traded between $450 and $1280. 10 trillion bankers and regulators all around the world are chattering about it and ratcheting up warning about this currency, but, some are embracing it saying the rest of us don't see the true light. overstock.com, we reported this, they will begin accepting bitcoin as payment next year for its product. is a bubble in the works for bitcoin or is it the wave of the future. we have the wedbush managing director. gil, fair to say you stand on the side of rah-rah bitcoin? >> i certainly think there is a lot of value in the technology. the technology that bitcoins represents in terms of decentralizing trust, creating ability to process transactions not through the t
the first legal challenge to the volcker rule has emerged. the american bankers association filed for immediate stay on the volcker rule provision. rules provisions will cause substantial harm to community banks. so now the lawyers have got it. liz? liz: david, talk about volatility, in december alone the price of a single bitcoin, virtual currency, has traded between $450 and $1280. 10 trillion bankers and regulators all around the world are chattering about it and ratcheting up warning about...
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the volcker rule recently, to limit banks on what they can and can not do. even banks that weren't involved with risky prop trading like the famous jpmorgan "london whale," there are banks that will still have to comply with regulations even if they never intended to do the same type of aggressive prop trading to begin with. david: let's talk about who is taking their place and how to bet on that. there is of course a paypal, a big component of ebay. that is one group that is kind of doing banking business, right. >> people need to look at normal banking as wave of the future. i personally don't use cash that much. people will always love cash but mobile bank something a real important trend of the future. i think, maybe paypal isn't going to figure it out. google has google wallet. there will be startup that is get into the space going forward. i think this is area of opportunity especially as you look how people use their money. another play i like is visa or mastercard. they take a little bit after fee along the way. they're not banks. they take a per swi
the volcker rule recently, to limit banks on what they can and can not do. even banks that weren't involved with risky prop trading like the famous jpmorgan "london whale," there are banks that will still have to comply with regulations even if they never intended to do the same type of aggressive prop trading to begin with. david: let's talk about who is taking their place and how to bet on that. there is of course a paypal, a big component of ebay. that is one group that is kind of...
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even paul volcker who i admire greatly from, for his skills as fed chairman back in the '80s, he can't describe it. when trying to explain his rule on banning proprietary trading he resorted to the definition of obscenity. you will know it when you see it. i don't think so. the craziest part of this is proprietary trading had nothing to do with the meltdown in 2008. the entire dodd-frank bill was essentially written by bank lobbyists. the lawyers who represent big banks will have a field day. the rules are vague and ambiguous and difficult to enforce. but if it is so critically important then why the big delays? the banks have until july of 2015 to comply. seven years after the meltdown on wall street. a solution to too big to fail? it is not. dennis: nicely done, tom sullivan. be sure to catch it, tom sullivan's show is on fox news talk, siriusxm and many local radio stations every weekday at 3:00 in the afternoon. >>> and coming up it is the kind of thing new moms dream of. just a few hours of peace and quiet but this new bouncey seat puts your baby in front after glaring ipad for as
even paul volcker who i admire greatly from, for his skills as fed chairman back in the '80s, he can't describe it. when trying to explain his rule on banning proprietary trading he resorted to the definition of obscenity. you will know it when you see it. i don't think so. the craziest part of this is proprietary trading had nothing to do with the meltdown in 2008. the entire dodd-frank bill was essentially written by bank lobbyists. the lawyers who represent big banks will have a field day....
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market going along with it and we think that it will make ben bernanke looking untrammeled by paul volcker. in the market will continue. not at this rate. regardless of the economy and money printing is part of this. >> a lot of people have said this. watch out, there she blows. and i think that they are still printing $75 billion per month and 0% interest rate. that is humongous. they can say that they slow down and there's no slowing down or tightening. that's a big number. charles: coming up next, carl ichan versus apple. >> the stocks have fallen and have backed down the 550. it has already had a humongous run. >> i want to stop moving higher because they have the products coming out. >> i guess there was a time i mean, people don't use that term anymore. but you take a position and then you do what they want them to do and has noting to do with fundamentally resucturing a company. >> there our company is in there are no way for them to return this. and it sounds like they might have this at their disposal. >> yes, google is rolling out internet services and it could be by a cellular c
market going along with it and we think that it will make ben bernanke looking untrammeled by paul volcker. in the market will continue. not at this rate. regardless of the economy and money printing is part of this. >> a lot of people have said this. watch out, there she blows. and i think that they are still printing $75 billion per month and 0% interest rate. that is humongous. they can say that they slow down and there's no slowing down or tightening. that's a big number. charles:...
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. >> with completion of the volcker rule resolution authority, stronger capital reporting requirements the tools of financial reform being used to make the financial system safer and hold financial institutions responsible for bearing their own risk. and the london whale. cheryl: relieve the law said it really authored the direction of the volcker rule for proprietary trading to hedge portfolios in the cross hairs. that is what banks don't like. a report says we still want to hedge losses and portfolios. the bank's most at risk, goldman sachs, jpmorgan, bank of america and citigroup watch volatility in those stocks and track the developing story again. the rules are voted on by the sec on december 10th. time for your west coast minute. to california cities are banning smoking, and more regulations are on the way. richmond city council voted for parks, restaurants and other areas. google is under investigation by california state agency over construction of a barge in san francisco bay. the agency which opened last week looking into whether google and the owners are on treasure island,
. >> with completion of the volcker rule resolution authority, stronger capital reporting requirements the tools of financial reform being used to make the financial system safer and hold financial institutions responsible for bearing their own risk. and the london whale. cheryl: relieve the law said it really authored the direction of the volcker rule for proprietary trading to hedge portfolios in the cross hairs. that is what banks don't like. a report says we still want to hedge losses...
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i think she's gging to make ben bernanke like paul volcker and i think if the economy heads south, you will see more than 85 billion a month being printed and i think that's what she's about and i'm calling it going forward. >> all right. ya know, with new fedex one rate you can fill that box and pay one flat rate. i didn't know the coal thing was real. it's very real... david rivera. rivera, david. [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. because you can't beat zero heartburn. woo hoo! [ male announcer ] prilosec otc is the number one doctor recommended frequent heartburn medicine for 8 straight years. one pill each morning. 24 hours. zero heartburn. you are gonna need a wingman. and with my cash back, you are money. forget him. airline milesill take your game worldwide. what i'm really looking for is -- i got two words for you -- re-wards. ♪ there's got to be better cards than this. [ male announcer ] there's a better way with creditcards.com. compare hundreds of cards from all the major banks to find the one that's right for you.
i think she's gging to make ben bernanke like paul volcker and i think if the economy heads south, you will see more than 85 billion a month being printed and i think that's what she's about and i'm calling it going forward. >> all right. ya know, with new fedex one rate you can fill that box and pay one flat rate. i didn't know the coal thing was real. it's very real... david rivera. rivera, david. [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of...
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Dec 10, 2013
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i think she's gging to make ben bernanke like paul volcker and i think if the economy heads south, you will see more than 85 billion a month being printed and i think that's what she's about and i'm calling it going forward. >> all right. neil: reaction, what dick cheney stands for and how you feel coming up right after this. of what it means to the best. and at ts special me of year, they shine even brighter. come to the winter event and get the merces-benz you've always wished for, now for an exceptional price. [ santa ] ho, ho, ho, ho! [ male announcer ] lease e 2014 e350 for $579 a month at your local mercedes-benz dealer. yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn untilt was full. you'd be crazy not to. is tt nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. just by talking to a helmet. it grabbed the patient's record before we even picked himp. it found out the doctor we needed was at st. anne's. wiggle your toes. [ driver ] and it got his okay on treatment from
i think she's gging to make ben bernanke like paul volcker and i think if the economy heads south, you will see more than 85 billion a month being printed and i think that's what she's about and i'm calling it going forward. >> all right. neil: reaction, what dick cheney stands for and how you feel coming up right after this. of what it means to the best. and at ts special me of year, they shine even brighter. come to the winter event and get the merces-benz you've always wished for, now...
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Dec 11, 2013
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we didn't see it despite the volcker rule but a tick up in interest rates was enough to do it. >> the banking index pulled back. banks such as jpmorgan and goldman sachs pulled back. the truth it was a down market. a tough day. cheryl: nicole, american, the stock is higher today. they got upgraded. >> added to the focus list at jpmorgan. american airlines up 4 1/2% to new highs. [closing bell ringing] cheryl: nicole, the bells are ringing on wall street. yes we do have a dow, nasdaq and s&p certainly closing at session lows. give it a few more minutes. there you go, down closing at session lows. s&p, nasdaq as well. david: look at that it is a pyramid. small on the top. biggest losses here at the bottom of small and mid-sized caps. they a lot of almost two points. cheryl: a lot is worried about the taper. david: these damn red colors. must have been doing it. we're all wearing it. costco disappointing investors with its earnings report today. its quarterly profit and sales fell short of analyst estimates after a rise in operating expenses. >> the largest largess home improvement chain
we didn't see it despite the volcker rule but a tick up in interest rates was enough to do it. >> the banking index pulled back. banks such as jpmorgan and goldman sachs pulled back. the truth it was a down market. a tough day. cheryl: nicole, american, the stock is higher today. they got upgraded. >> added to the focus list at jpmorgan. american airlines up 4 1/2% to new highs. [closing bell ringing] cheryl: nicole, the bells are ringing on wall street. yes we do have a dow, nasdaq...
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volcker rule and that will be on tuesday for that vote. that is obviously more regulation, put pressure on banks over all anyway. liz: not just xbox, but electronic arts related here. leading the s&p 500 lower. battlefield four, been a very popular game. there are problems with it hammering the stock. >> that's right, battlefield 4, which had some glitches and the like, problems, basically, since it launched back on october 29th. now this is supposed to be one of the great ones for the holidays. with this, analysts are looking in there, you know, this may affect the bottom line, numbers they had anticipated for the holiday season. they make other great games like fifa 14 on my son's list. battlefield 4 is likely to hurt them. david: some people are making money today. i'm looking at twitter. they did particularly well. what's up with that? >> look act twitter. it did get a nice pop. remember it was $38 back in late november. we talked about the fact they have the first female board member. good move for twitter today. liz: for twitter. dol
volcker rule and that will be on tuesday for that vote. that is obviously more regulation, put pressure on banks over all anyway. liz: not just xbox, but electronic arts related here. leading the s&p 500 lower. battlefield four, been a very popular game. there are problems with it hammering the stock. >> that's right, battlefield 4, which had some glitches and the like, problems, basically, since it launched back on october 29th. now this is supposed to be one of the great ones for...
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Dec 11, 2013
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the volker rule approved by none other than paul volcker. wall street veteran joins us to assess what we can expect. and the battle over the senate next year. for did democts versus republicans. we have a far more interesting contest shaping up. the grand old party establishment and the tea party. we take it all up in tonight's "chalk talk" with the "a-team." all of that and much more straight ahead. stay with us. ♪ lou: he was supposed to be the vote to stop obamaca. no one state wants to colct and to help repeal it. former senator scott brown on the draft s brown movement ♪ [ ma announcer ] they are a glowing example of what it means to t best. and at this special time of year, they shine even brighter. come to the winter event and get the merces-benz y've always wished for, now for an exceptional price. [ santa ] ho, ho, ho, ho! [ male announcer ] lease e 2014 e350 for $579 a month at your local mercedes-benz dealer. ♪ lou: senate docrats taking advantage of majority leader harry reid decision last month to invoke the so-called nucl
the volker rule approved by none other than paul volcker. wall street veteran joins us to assess what we can expect. and the battle over the senate next year. for did democts versus republicans. we have a far more interesting contest shaping up. the grand old party establishment and the tea party. we take it all up in tonight's "chalk talk" with the "a-team." all of that and much more straight ahead. stay with us. ♪ lou: he was supposed to be the vote to stop obamaca. no...
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. >> as we will see the volcker rule, companies regulated, they don't even know what will be in the final rule yet. there may be restrictions on proprietary trading, hedges stronger or more strict than what people were expecting. to not know the law that is going to be supposedly. david: not having clear laws, one of the founding fathers the president love to quote the founding fathers, james madison looks like he was talking about what we are having, what we are experiencing. but to avail that the laws are made by men of their own choice if they be so voluminous that they cannot be read or so incoherent that they cannot be understood. that they be revised or repealed or undergo such incessant changes that no man who knows what the loss today can guess what it will be tomorrow. it sounds like he is talking about obamacare. >> it is like nostradamus. that is exactly what we're looking at. david: it is what the founding fathers warned us about, that is why we had a revolution to prevent laws being created like the ones we are creating. >> the merits of them tapering or not tapering can be d
. >> as we will see the volcker rule, companies regulated, they don't even know what will be in the final rule yet. there may be restrictions on proprietary trading, hedges stronger or more strict than what people were expecting. to not know the law that is going to be supposedly. david: not having clear laws, one of the founding fathers the president love to quote the founding fathers, james madison looks like he was talking about what we are having, what we are experiencing. but to...
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Dec 11, 2013
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the volker rule approved by none other than paul volcker. wall street veteran joins us to assess what we can expect. and the battle over the senate next year. for did democrats versus republicans. we have a far more interesting contest shaping up. the grand old party establishment and the tea party. we take it all up in tonight's "chalk talk" with the "a-team." all of that and much more straight ahead. stay with us. ♪ lou: he was supposed to be the vote to stop obamacare. no one state wants to collect and to help repeal it. former senator scott brown on the draft scott brown movement building in new hampshire. ♪ just by talking to a helmet. it grabbed the patient's record before we even picked himp. it found out the doctor we needed was at st. anne's. wiggle your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strings with the stoplights. my ambulance talks with smoke alarms and pilotand adiums. but, of course, 's a good listener too. female announcer ] today cisco is connecting the internet of everythin
the volker rule approved by none other than paul volcker. wall street veteran joins us to assess what we can expect. and the battle over the senate next year. for did democrats versus republicans. we have a far more interesting contest shaping up. the grand old party establishment and the tea party. we take it all up in tonight's "chalk talk" with the "a-team." all of that and much more straight ahead. stay with us. ♪ lou: he was supposed to be the vote to stop obamacare....
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Dec 26, 2013
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cheryl: we had all the talk about the volcker rule and what it means for banks, financials. 2013 were great for financials but now what? >> i think you're going to see the big guys start to spin things off. that is the only way they can create value. citigroup is likely going to be the first one. the new ceo in there has done this before. if you could spin out investment asset management division you get two or three times the valuation on it being given inside the corporate shell of citigroup. i think the first one that does it creates a domino effect for the others and i think that is only way they realize their full value in years ahead. david: jeff saut, john, thanks for your investment advice. scott shellady, we're not done with you. we'll come back when the s&p futures close. >> you bet. cheryl: looks like hedge fund glory days are coming to an end. this year they averaged returns of 8.2%, versus 25% for the dow. will they make a comeback and or has the smart money lost its way. david: just 8%. that shows you where the market is also. were you missing gifts under the tree? chery
cheryl: we had all the talk about the volcker rule and what it means for banks, financials. 2013 were great for financials but now what? >> i think you're going to see the big guys start to spin things off. that is the only way they can create value. citigroup is likely going to be the first one. the new ceo in there has done this before. if you could spin out investment asset management division you get two or three times the valuation on it being given inside the corporate shell of...
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new details today about how the volcker rule is likely to be enforced. leaks suggest bank ceos will be required to guaranty their firm's compliance to insure that they are aware of trades at their banks. >>> the securities & exchange commission is requested information on jcpenney's finances. the news caused the stock to fall ben today. the sec is going to be looking into the company's liquidity cash position and debt and equity financing. >>> chevron $6.4 billion gas project in china will be delayed even further due to disagreements with its partner petro china of the as of now the project is not expected to deliver gas until late 2014. >>> toyota reclaiming the stop spot producing the world most fuel efficient car three months after it lost the title to monday today. the remodeled aqua compact gets 87 miles per gallon. >>> shanghai officials release ad warning for the dangerously dense smog. it is so bad that children have to be ordered inside and stay there. [buzzer] that is today's "speed read." liz: that is terrible. i hope it doesn't come across th
new details today about how the volcker rule is likely to be enforced. leaks suggest bank ceos will be required to guaranty their firm's compliance to insure that they are aware of trades at their banks. >>> the securities & exchange commission is requested information on jcpenney's finances. the news caused the stock to fall ben today. the sec is going to be looking into the company's liquidity cash position and debt and equity financing. >>> chevron $6.4 billion gas...
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Dec 16, 2013
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they had speeches by former chairs, alan greenspan and paul volcker and ben bernanke. all the fed members are in town for the policy meeting that begins tomorrow. the financial services committee seems to rain on their parade a little bit. he calls the most comprehensive and ambitious oversight for the fed next year with more than a dozen hearings and a bunch of studies examining the fed's mission and stimulus programs especially quantitative easing. chairman jeb hensarling, a frequent fed critic says his goal is legislation to reform the fed which he says needs to be more accountable. >> i want the fed to have independence on the conduct of traditional monetary policy. but i have become increasingly fearful that we are losing the checks and balances within our government. >> hensarling says any legislation will grow out of the findings of his committee's work but but the top democrat on his committee is pushing back on this. maxine waters says quote, before we contemplate legislative changes to the fed or its mandate, congress should allow the fed to finalize importan
they had speeches by former chairs, alan greenspan and paul volcker and ben bernanke. all the fed members are in town for the policy meeting that begins tomorrow. the financial services committee seems to rain on their parade a little bit. he calls the most comprehensive and ambitious oversight for the fed next year with more than a dozen hearings and a bunch of studies examining the fed's mission and stimulus programs especially quantitative easing. chairman jeb hensarling, a frequent fed...
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all of that future to look to in 1978 we passed the capital gains tax cuts and paul volcker as head of the fed and proposition 13 in california. the beginning of a new era, really wasn't the end of 1977, just like it is now. stuart: all right. we shall see. you played a rollback then. maybe you're going to play a role this time around. >> i'm getting really old. stuart: no, you're not. and obamacare, last word to you, keith? >> well, you know, i tell you what, the same people that think amtrak and post office are viable businesses and i've got my doubts. my insurance premiums are going up 41% and policies are not. it's my wallet i've got to pay my employees with. this is a tough one. stuart: i'm sure it is. keith fitzgerald, art laffer many thanks today. >> it's a big theme today, on-line shopping, making up much of the sales over the weekend and what does our retail vigilante say after the break. ♪ i'll be home for christmas ♪ you can plan on me (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts,
all of that future to look to in 1978 we passed the capital gains tax cuts and paul volcker as head of the fed and proposition 13 in california. the beginning of a new era, really wasn't the end of 1977, just like it is now. stuart: all right. we shall see. you played a rollback then. maybe you're going to play a role this time around. >> i'm getting really old. stuart: no, you're not. and obamacare, last word to you, keith? >> well, you know, i tell you what, the same people that...
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Dec 16, 2013
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anniversary bash with remarks from chairman ben bernanke and former chairs, alan greenspan and paul volcker. dagen and connell. connell: there you go. the fed will as peter says will be the big story of the week. from that discussion of monetary policy we transition our way to the literal definition of monry. there has been a lot of debate whether or not bitcoin actually meets the requirement, even to be considered a real currency. so we talk about bitcoin. the winkelvoss twins, you remember them, from the facebook movie and everything else, have inserted themselves once again in the conversation. here to talk about it, brian wesbury first trust advisors and our good buddy, charles payne. let me off the top, i don't want to speak for you and we may be predispose toddies like the winkelvoss twins one way or another. we may put out a disclaimer that says we're biased with our reporting boeing in. charles is chuckling. brian, with that, tell us your view. whatever people call them, they love bitcoin. they put out a statement, one of them did, bit coyne is digital currency for those that don't
anniversary bash with remarks from chairman ben bernanke and former chairs, alan greenspan and paul volcker. dagen and connell. connell: there you go. the fed will as peter says will be the big story of the week. from that discussion of monetary policy we transition our way to the literal definition of monry. there has been a lot of debate whether or not bitcoin actually meets the requirement, even to be considered a real currency. so we talk about bitcoin. the winkelvoss twins, you remember...
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he will be here in moments answering questions on everything from the greatest risks in 2014 to the volcker rule, fox business exclusive. don't go away. liz: i am liz claman, is the last dollar of trading. and the sounds boring and market reaction usually is but the fed beige book is bright and the colors of the market. actually helping to turn in a sector closer to green. this is the better reserve snapshot of business conditions and the report indicate the and the economy and manufacturing continued to expand at a, quote, modest to moderate pace. the most upbeat news, manufacturers whose managers say she expanding and russian positive about the near-term future helps stem earlier losses in the market which ironically also cash in after good news from a private employment report, the automatic data processing report in. this is what it showed on your screen. private sector hiring in november, and and 215,000 jobs versus the expected 178,000 green, costing investors to fear the events of the fed's keeper coming sooner rather than later. you can see this picture, for direction the dow jones
he will be here in moments answering questions on everything from the greatest risks in 2014 to the volcker rule, fox business exclusive. don't go away. liz: i am liz claman, is the last dollar of trading. and the sounds boring and market reaction usually is but the fed beige book is bright and the colors of the market. actually helping to turn in a sector closer to green. this is the better reserve snapshot of business conditions and the report indicate the and the economy and manufacturing...
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given regulatory environment, the volcker rule coming down, not totally down but looks like it is almost done. will curtail proprietary trading, using their own ideas to trade in the market. they can take risks in trading, this is where they make their money, only based on a customer trade so more of like a middleman. here is the problem they have. they're not as big as jpmorgan. we beat up on jpmorgan all the time. everybody going after them. here is reality of jpmorgan, because it is a huge bank and so many customers, guess what? it is middleman on some different trades. all it has to do is act as an agent as opposed to a principal. lori: interesting, talking about the question of recruitment, curious what you're hearing from headhunters around people in general, are folks going, talent going to wall street or going to private firms? you have the sac story and jpmorgan story around goldman story. >> if you're smart kid, good at math, you go into tech. lori: or research. >> that is one of the sort of interesting things. wall street is not attracting. there are always people who want to
given regulatory environment, the volcker rule coming down, not totally down but looks like it is almost done. will curtail proprietary trading, using their own ideas to trade in the market. they can take risks in trading, this is where they make their money, only based on a customer trade so more of like a middleman. here is the problem they have. they're not as big as jpmorgan. we beat up on jpmorgan all the time. everybody going after them. here is reality of jpmorgan, because it is a huge...